Settlement for sale of shuttered Revel is filed, but owner Glen Straub bats away rumors once again

  • Denver based company files notice of settlement for shuttered $2.4 billion Revel site
  • Owner Glen Straub denies knowledge of any sale documents

The saga of the shuttered Revel Casino in Atlantic City has taken another twist with the news that a notice of settlement for the property has been filed.

Revel Casino
Another false dawn? Any notion that the shuttered Revel casino is to be sold on has been batted away by Glenn Straub.

The notice names Polo North Country Club Inc, which is run by Revel’s current owner Glenn Straub, and Denver-based AC Ocean Walk LLC, a company managed by a Colorado businessman Bruce Deifik. The notice of settlement did not include any sales price.

Deifik is known as the founder and CEO of Integrated Properties, a company set up in 1990 that deals with property acquisitions and dispositions, and which has been involved with a number of well-known properties including the Hyatt Grand Champions Resort in Palm Springs, California, and a number of notable buildings in the Denver and Phoenix areas.

Court decision

But despite the filing, Revel Casino owner Glen Straub has denied knowledge of the document. Speaking to pressofatlanticcity.com, he said that he could file anything, but that doesn’t mean there is going to be a sale.

Straub has also revealed that he is waiting to get a court decision on his ongoing appeal to the state’s Superior Court. Straub is pushing for an exemption from the Casino Control Commission ruling that he must obtain a casino licence in order to reopen the Revel.

Straub has argued that he does not need a licence as he will be leasing the site to another casino developer. Speaking to the Inquirer on Tuesday, he addressed the court issue and denied all knowledge of Denver-based Deifik.

He told reporters: “We’re waiting now for the appellate court. I don’t know who the hell anybody is from Denver.”

Although there has been ongoing speculation about the Revel, the property remains shuttered, with Straub blaming local and state officials for the failure to reopen it.

He bought the site – which includes thirteen restaurants and a 32,000 square foot spa – for $82 million at bankruptcy court in 2015. It was originally valued at $2.4 billion.

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